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Chapter Summary

Cost and Revenue

NIOS · Class 10 · Economics

Summary of Cost and Revenue for NIOS Class 10 Economics. Key concepts, important points, and chapter overview.

45 questions37 flashcards5 concepts

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Overview

Cost and revenue are the two basic ideas that explain how a producer spends money to make goods and earns money by selling them. Cost means the expenditure on factors of production and raw materials. Revenue means the amount received from selling a commodity. The chapter also explains fixed cost, va

Key Concepts

Cost is the money expenditure incurred

Cost is the money expenditure incurred by the producer to purchase or hire factors of production and raw materials to produce goods and services.

Fixed cost is the expenditure on

Fixed cost is the expenditure on hiring or purchasing fixed factors or inputs that are compulsory and do not change with the amount of production.

Variable cost is the expenditure on

Variable cost is the expenditure on variable factors or inputs, such as labour, which can be changed with the level of production.

Explicit cost is the money expenditure

Explicit cost is the money expenditure incurred on both fixed and variable factors of production and raw materials.

Implicit cost is the cost

Implicit cost is the cost of self supplied factors, and its value is calculated on the basis of market value.

Learning Objectives

  • Understand the meaning of cost and revenue.
  • Differentiate between fixed cost, variable cost, explicit cost, and implicit cost.
  • Calculate total cost, average cost, and marginal cost.
  • Calculate total revenue, average revenue, and marginal revenue.
  • Understand profit as the difference between total revenue and total cost.

Frequently Asked Questions

What are the important topics in Cost and Revenue for NIOS Class 10 Economics?
Key topics in Cost and Revenue include Cost and Revenue Concept Map, Flowchart showing how a producer incurs different costs to begin production, Pie chart showing the distribution of different cost components in rice production. These are the concepts NIOS Class 10 examiners draw on most — study them first, then practise related questions.
How to score full marks in Cost and Revenue — NIOS Class 10 Economics?
Understand the core concepts first, then work through the 45 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All 24 chapters — NIOS Class 10 Economics Chapter Summary

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